UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 11, 2021
RAPT Therapeutics, Inc.
(Exact name of Registrant as Specified in Its Charter)
| Delaware | 001-38997 | 47-3313701 | ||
| (State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
| 561 Eccles Avenue South San Francisco, CA |
94080 | |||
| (Address of Principal Executive Offices) | (Zip Code) |
(650) 489-9000
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
| Common Stock, $0.0001 par value per share | RAPT | The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| ITEM 2.02 | RESULTS OF OPERATIONS AND FINANCIAL CONDITION |
On May 11, 2021, RAPT Therapeutics, Inc. (the “Company”) issued a press release announcing its financial results for the first quarter ended March 31, 2021. A copy of the press release is furnished as Exhibit 99.1 to this report.
The information in this Item 2.02 and in the press release furnished as Exhibit 99.1 to this current report shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. The information contained in this Item 2.02 and in the press release furnished as Exhibit 99.1 to this current report shall not be incorporated by reference into any filing with the U.S. Securities and Exchange Commission made by the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.
| ITEM 9.01 | FINANCIAL STATEMENTS AND EXHIBITS |
| (d) Exhibits | ||
| Exhibit |
Exhibit Description | |
| 99.1 | Press Release titled “RAPT Therapeutics Reports First Quarter 2021 Financial Results” dated May 11, 2021. | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| RAPT Therapeutics, Inc. | ||||||
| Dated: May 11, 2021 | By: | /s/ Rodney Young | ||||
| Rodney Young | ||||||
| Chief Financial Officer | ||||||
Exhibit 99.1
RAPT Therapeutics Reports First Quarter 2021 Financial Results
SOUTH SAN FRANCISCO, Calif. – May 11, 2021 – RAPT Therapeutics, Inc. (Nasdaq: RAPT), a clinical-stage, immunology-based biopharmaceutical company focused on discovering, developing and commercializing oral small molecule therapies for patients with significant unmet needs in oncology and inflammatory diseases, today reported financial results for the first quarter ended March 31, 2021.
“Our oncology and inflammation programs continue to make excellent progress,” said Brian Wong, M.D., Ph.D., President and Chief Executive Officer of RAPT Therapeutics. “We recently reported preclinical data at the AACR Annual Meeting that show anti-tumor potential of targeting and inhibiting CCR4 in combination with CAR-T therapy, as well as the promise of exciting next-generation immuno-oncology targets, such as HPK1. In March, we completed enrollment in our Phase 1b trial of RPT193, our lead inflammatory disease drug candidate, in patients with atopic dermatitis. We look forward to reporting top line results this quarter.”
Financial Results for the First Quarter Ended March 31, 2021
Net loss for the first quarter of 2021 was $16.5 million, compared to $13.1 million for the first quarter of 2020.
Research and development expenses for the first quarter of 2021 were $13.8 million, compared to $10.7 million for the same period in 2020. This increase was primarily due to increased clinical trial costs for FLX475 and RPT193, increased personnel costs and stock-based compensation expense and an increase in facilities costs, offset by a decrease in laboratory supplies spend.
General and administrative expenses for the first quarter of 2021 were $4.0 million, compared to $3.3 million for the same period of 2020. The increase was primarily due to increases in stock-based compensation expense, insurance expense and personnel costs.
As of March 31, 2021, the Company had cash and cash equivalents and marketable securities of $98.4 million.
About RAPT Therapeutics, Inc.
RAPT Therapeutics is a clinical stage immunology-based biopharmaceutical company focused on discovering, developing and commercializing oral small molecule therapies for patients with significant unmet needs in oncology and inflammatory diseases. Utilizing its proprietary discovery and development engine, the Company is developing highly selective small molecules designed to modulate the critical immune drivers underlying these diseases. RAPT has discovered and advanced two unique drug candidates, FLX475 and RPT193, each targeting C-C motif chemokine receptor 4 (CCR4), for the treatment of cancer and inflammation, respectively. The Company is also pursuing a range of targets that are in the discovery stage of development.
Forward-Looking Statements
This press release contains forward-looking statements. These statements relate to future events and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future performances or achievements expressed or implied
by the forward-looking statements. Each of these statements is based only on current information, assumptions and expectations that are inherently subject to change and involve a number of risks and uncertainties. Forward-looking statements include, but are not limited to, statements about the progress of RAPT’s oncology and inflammation programs and the timing of top line results from the Phase 1b trial of RPT193. Detailed information regarding risk factors that may cause actual results to differ materially from the results expressed or implied by statements in this press release may be found in RAPT’s Form 10-Q filed with the Securities and Exchange Commission on May 11, 2021 and subsequent filings made by RAPT with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. RAPT disclaims any obligation to update these forward-looking statements.
RAPT Media Contact:
Aljanae Reynolds
areynolds@wheelhouselsa.com
RAPT Investor Contact:
Sylvia Wheeler
swheeler@wheelhouselsa.com
RAPT THERAPEUTICS INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In thousands, except share per share data)
(Unaudited)
| Three Months Ended March 31, |
||||||||
| 2021 | 2020 | |||||||
| Revenue |
$ | 1,222 | $ | 935 | ||||
| Operating expenses: |
||||||||
| Research and development |
13,771 | 10,683 | ||||||
| General and administrative |
4,012 | 3,289 | ||||||
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|
|
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| Total operating expenses |
17,783 | 13,972 | ||||||
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|
|
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| Loss from operations |
(16,561 | ) | (13,037 | ) | ||||
| Other income, net |
47 | 135 | ||||||
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| Net loss before taxes |
(16,514 | ) | (12,902 | ) | ||||
| Provision for income taxes |
— | 237 | ||||||
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|
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| Net loss |
$ | (16,514 | ) | $ | (13,139 | ) | ||
| Other comprehensive income (loss): |
||||||||
| Foreign currency translation adjustment |
38 | 204 | ||||||
| Unrealized loss on marketable securities |
(50 | ) | (217 | ) | ||||
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| Total comprehensive loss |
$ | (16,526 | ) | $ | (13,152 | ) | ||
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| Net loss per share, basic and diluted |
$ | (0.66 | ) | $ | (0.56 | ) | ||
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| Weighted average number of shares used in computing net loss per share, basic and diluted |
24,844,946 | 23,266,063 | ||||||
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RAPT THERAPEUTICS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
| March 31, 2021 |
December 31, 2020 |
|||||||
| Assets | (Unaudited) | (1) | ||||||
| Current assets: |
||||||||
| Cash and cash equivalents |
$ | 24,720 | $ | 24,918 | ||||
| Marketable securities |
73,686 | 86,592 | ||||||
| Prepaid expenses and other current assets |
4,200 | 4,088 | ||||||
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|
|
|||||
| Total current assets |
102,606 | 115,598 | ||||||
| Property and equipment, net |
2,929 | 2,982 | ||||||
| Other assets |
389 | 389 | ||||||
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| Total assets |
$ | 105,924 | $ | 118,969 | ||||
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| Liabilities and stockholders’ equity |
||||||||
| Current liabilities: |
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| Accounts payable |
$ | 3,131 | $ | 2,383 | ||||
| Accrued expenses |
4,539 | 4,935 | ||||||
| Deferred revenue, current |
3,135 | 4,096 | ||||||
| Other current liabilities |
338 | 328 | ||||||
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|||||
| Total current liabilities |
11,143 | 11,742 | ||||||
| Deferred rent, net of current portion |
2,157 | 2,185 | ||||||
| Deferred revenue, non-current |
983 | 863 | ||||||
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| Total liabilities |
14,283 | 14,790 | ||||||
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| Commitments |
||||||||
| Stockholders’ equity: |
||||||||
| Preferred stock |
— | — | ||||||
| Common stock |
2 | 2 | ||||||
| Additional paid-in capital |
323,184 | 319,196 | ||||||
| Accumulated other comprehensive loss |
(189 | ) | (177 | ) | ||||
| Accumulated deficit |
(231,356 | ) | (214,842 | ) | ||||
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| Total stockholders’ equity |
91,641 | 104,179 | ||||||
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| Total liabilities and stockholders’ equity |
$ | 105,924 | $ | 118,969 | ||||
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| (1) | The condensed consolidated balance sheet for December 31, 2020 has been derived from audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 |